Technical Analysis – 30 Jan 2009

2009 January 29

tags: nifty, sensex, technical analysis

by phani

The market took a breather yesterday and the Indices corrected from close to the first resistance levels of 2904 (Nifty) & 9333 (Sensex). After a significant technical bounce, the first real test for the markets is now. There is a host of crucial resistances/hurdles that the Indices will need to cross for this rally to sustain

The market took a breather yesterday and the Indices corrected from close to the first resistance levels of 2904 (Nifty) & 9333 (Sensex). After a significant technical bounce, the first real test for the markets is now. There is a host of crucial resistances/hurdles that the Indices will need to cross for this rally to sustain.

The upper trading targets are placed at 9333-9550-9767 (SENSEX) & 2904-2961 (NIFTY).

The lower supports are placed at 9026 – 8875 (SENSEX) & 2792- 2742 (NIFTY).

Use any rally to reduce longs and create fresh short positions.

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